According to the research report titled ‘Global Low Rolling Resistance Tires Market, By Type (Bias, Radial, Tubeless, Tube and Others), Vehicle (Passenger Vehicle, Light Commercial Vehicle and Heavy Commercial Vehicle), Sales services (OEM and Aftermarket). and Regional Forecasts 2021-2027’, available with Market Study Report, global low rolling resistance tires market is expected to register 11.7% CAGR over 2021-2027 to reach a valuation of USD 182.9 billion by the forecast period end.
 

Factors like high product demand to save significant amount of fuel and increasing adoption in automobile sector are catalyzing the growth of global low rolling resistance tires market. Additionally, vehicle weight reduction offered by wide-base LRR (low rolling resistance) tires is also propelling industry expansion.
 

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For the unversed, low rolling resistance tires are ‘green’ tires which are more eco-friendly. These are used to enhance performance, safety, and fuel efficiency of the vehicle and help in reducing vehicular emissions.
 

On the contrary, high manufacturing cost of the product is likely to hamper the industry growth over the projected duration.
 

With respect to type, the market scenario is classified into tube, tubeless, radial, bias and others, whereas based on vehicle type, worldwide low rolling resistance tires industry is categorized into heavy commercial, light commercial and passenger vehicle.
 

In terms of sales services, the market space is bifurcated into aftermarket and OEM (original equipment manufacturer). The former segment is expected to record strong growth rate through 2027, creditable to the constant upkeep required for the maintenance and longevity of automobile life cycle.
 

From a regional point of view, North America, Europe, Latin America, and Asia pacific are major contributors to industry remuneration. Among these, Asia Pacific market is slated to register a considerable growth rate over the forecast period, driven by the flourishing automobile industry.
 

Leading companies in global low rolling resistance tires market include Hankook Tire & Technology Co. Ltd., Bridgestone Corporation, Sumitomo Rubber Industries Ltd., Toyo Tire Corporation, Apollo Tyres Limited, Madras Rubber Factory, Cooper Tire & Rubber Company, The Goodyear Tire & Rubber Company, Pirelli & C. S.p.A., Hangzhou Zhongce Rubber Co. Ltd., The Yokohama Rubber Co. Ltd. and Marangoni S.p.A among others.